As we stated in our blog post yesterday, once Ethereum (ETH) broke the levels of $ 100, it will go all the way up to $ 91. However, it has ended up breaking that support as well. Currently, Ethereum (ETH) is trading around $ 85. The question is where the next support for Ethereum (ETH) is.

Is Ethereum (ETH) headed for $ 77?

Ethereum (ETH) was trading around these levels in May 2017. After breaking the support of $ 91, the next support which it has is around the level of $ 77. It has multiple supports between $75-$ 77. Thus, if the downtrend continues, it can easily slide to $ 77. Currently, Ethereum (ETH) is down by over 93% from its peak of around $ 1200. This is significant value erosion.

When you look at the intraday performance of Ethereum (ETH), it is down by over 17%. Among the mainstream cryptocurrencies, it has lost the maximum amount of value. This is the reason why it seems like the downturn will not be halted anytime soon. If it continues to fall at the same pace, it will be very difficult for Ethereum (ETH) to take support at around $ 77 as well. If it breaks the level of $ 75, it can head even lower. This is what many of the Ethereum (ETH) holders fear as well. It remains to be seen whether it is able to sustain above the support of $ 75 or not.

With the cryptocurrency markets going into a tailspin and being the weekend, there is very little hope of recovery. It is expected that the selling pressure will actually continue. The problem is that the market is falling on thin volumes. This can further accelerate the downward momentum as well. This may also indicate that the buyers are not enthusiastic about buying at the lower levels. In the absence of buyers, the tailspin might continue as well. In such a case, the downward momentum can actually accelerate which will make the cryptocurrency markets fall even more.

With the mainstream cryptocurrencies falling by such a significant amount, the traders, as well as investors, can just imagine what kind of downward pressure most of the Altcoins will be facing. Most of them have lost a similar quantum of value as compared to Ethereum (ETH). This is the reason why many of the investors are stuck in cryptocurrencies and Altcoins at a much higher level.

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